South Korea-based cryptocurrency exchange Upbit has confirmed the loss of cryptocurrency worth of $50 million. According to news reports, the exchange’s loss will be covered by its own assets, while withdrawals and deposits have already been suspended as a precaution. As per the company, the estimation period for services to be back to normal is ‘at least two weeks’.
Upbit said that an abnormal transaction from its wallets had resulted in the outflow of 342,000 Ether (ETH). According to transaction tracking site Whale Alert, the lost Ether – worth $49 million – was sent from Upbit’s wallet to an unknown Ethereum address. Also, more than $100 million worth of multiple cryptocurrencies has been sent out from Upbit, although the exchange mentioned that all other transactions, apart from the abnormal Ethereum outflow, were the exchange moving cryptos from hot wallets to cold wallets to prevent further losses.
Moreover, ten transactions, each of $1.51 million worth of Tron (TRX), and $3.5 million in BitTorrent (BTT), were further sent to unknown blockchain addresses, according to reports floating around. Transactions of $8.7 million-worth of Stellar (XLM), $1.08 million in OmiseGo (OMG), $22 million in EOS, and $3.4 million in Status (SNT) were further transacted from Upbit’s wallets to the Bittrex crypto exchange.